Global shipping market panics due to large-scale conflict between Iran and Iraq, with freight rates soaring by 250% in a week for some shipping routes

       This week, the escalating conflict between Israel and Iran has led to severe turbulence in the global shipping market. The United States is considering launching military strikes against Iran, and Iranian officials have responded that they may lay mines in the Strait of Hormuz. The panic in the shipping market has been ignited. The Baltic Heavy Oil Tanker Index shows that the international average freight rate has increased by 12% in the past week, with some high-risk routes such as the Persian Gulf to Europe route and the Asia to Europe route passing through the Red Sea experiencing a freight rate increase of up to 2.5 times. The daily rent for ultra large oil tankers has skyrocketed from about $20000 a week ago to $55000. The escalating situation has also forced shipping giants to respond quickly. Maersk announced on the 20th local time that it will temporarily suspend its ships from docking at Haifa Port in Israel. After the global airline freight rates rose in June, companies such as Maersk, Daffy, and Hapag Lloyd issued price increase letters for July, expecting freight rates to continue to rise.